The "three Characters" in The Play
A trust generally involves three "persons" in its creation and administration: (A) a settlor or grantor who creates the trust; (B) a trustee who administers and manages the trust and its assets; and (C) a beneficiary who receives the benefit of the administered property in the trust. In many instances where a revocable living trust is involved, one person can serve as grantor, trustee and beneficiary simultaneously until they die. In many other instances, especially after the death of the initial grantor, there will be different persons named to be trustee(s) or beneficiary(ies). There can be more than one of any of these "persons" in a trust at any one time.
Read more about this topic: United States Trust Law
Famous quotes containing the words characters and/or play:
“Animals are stylized characters in a kind of old saga—stylized because even the most acute of them have little leeway as they play out their parts.”
—Edward Hoagland (b. 1932)
“To save the theatre, the theatre must be destroyed, the actors and actresses must all die of the plague. They poison the air, they make art impossible. It is not drama that they play, but pieces for the theatre. We should return to the Greeks, play in the open air; the drama dies of stalls and boxes and evening dress, and people who come to digest their dinner.”
—Eleonora Duse (1859–1924)